- Bitcoin has hit a new yearly high.
- The development follows the crypto asset’s biggest monthly rally since 2020.
- Ethereum is also flushing bullish signs with steady gains.
Bitcoin (BTC) pumped for a fifth day on Wednesday to a new yearly high following a steady gain of 6.31% in the last 24 hours.
The rally comes as investor interest in the crypto asset has peaked at levels last seen during the last crypto market boom, bringing BTC very close to its all-time high price of $68,789 in November 2021.
Bitcoin Surges Past $60K in Massive Monthly Rally
According to CoinMarketCap data, Bitcoin surged past the $60,000 price point on Wednesday after gaining 44.02% in the last 30 days, its largest monthly rally since December 2020.
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At last check, Bitcoin was trading at $60,353, the year’s highest level, and about $8,436 away from its all-time high.
BTC has been gaining steadily since the beginning of the year as traders poured into the crypto asset ahead of the much-anticipated halving event in April, which market observers perceive as a source of fresh narrative to spur the next bull run.
Today’s rally coincides with the increase in demand for the crypto asset as spot Bitcoin ETFs achieved a net inflow of 10,167.5 BTC ($576.8 million) on Tuesday, with BlackRock alone accounting for $520 million inflow, according to BitMEX Research data. The net inflow of the funds since their launch on January 11 now stands at over $6.7 billion.
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Further, the prospect of the U.S. Federal Reserve introducing a range of rate cuts this year has contributed to a growing investor appetite for higher-yielding and more volatile assets like cryptocurrencies.
Meanwhile, the industry’s second-largest crypto, Ether, has climbed to $3,345 after gaining 2.53% in the last 24 hours and 46.56% in the last 30 days.
Read about the record-breaking BTC held by Bitcoin ETFs in AUM:
Bitcoin ETFs Top 300,000 BTC Holdings in Less Than Two Months
Stay updated on why Trump is calling for Bitcoin regulation:
Trump Calls For Bitcoin Regulation as Holdings Soar Past $5M
